Yerevan (CoinChapter.com) - Representative Ben Keathley has introduced House Bill 1217, which seeks to establish a Bitcoin Strategic Reserve Fund for the state of Missouri. The bill, filed on February 6, seeks to add Bitcoin (BTC) to the state's portfolio as a hedge against fiat currency inflation. The proposal gives the Missouri Treasurer the power to receive, invest, and hold Bitcoin under certain conditions.


Bitcoin Fund to be Managed by State Treasurer
Under the proposal, the Missouri state treasurer would oversee a Bitcoin reserve fund that could acquire Bitcoin through state funds, grants and donations from government agencies and Missouri residents. The proposal also outlines a long-term holding strategy that requires any Bitcoin received to be stored for at least five years. The proposal does not include provisions for selling or trading Bitcoin before the end of this period.


Missouri government accepts Bitcoin payments
House Bill 1217 also requires Missouri agencies to accept cryptocurrency payments approved by the Department of the Treasury. This includes taxes, fees, fines and other eligible payments. However, individuals making these payments are responsible for paying transaction fees.
The proposed effective date for House Bill 1217 is August 28, but it is still subject to further legislative discussion. As of this writing, the bill has not yet been scheduled for a second hearing.

Utah advances Bitcoin investment proposal
Utah is moving forward with its plans to build a bitcoin reserve, benefiting from its 45-day legislative calendar. The state’s digital asset task force has played a key role outside of regular sessions, ensuring continued progress.
At least 15 U.S. states are discussing Bitcoin reserves, but Utah’s legislative structure allows it to move faster. Donald Trump has announced plans to establish a national crypto reserve, but his executive order did not create a direct path for individual states. According to Dennis Porter, Utah may be ahead.
Utah lawmakers introduced a bitcoin reserve proposal in late January and it passed committee in just over a week. Other states have not made as much progress on similar proposals as Utah. Utah’s Digital Asset Task Force was established in 2022 to allow lawmakers to develop and refine strategies before the legislative session begins.
Utah has supported Bitcoin policy for years, establishing a regulatory framework that can make Bitcoin reserves more viable. The state government has passed laws supporting cryptocurrencies, making it one of the most cryptocurrency-friendly states in the United States. The combination of legislative speed, continued policy work, and political support puts Utah on track to become the first state in the United States to hold Bitcoin reserves.

Multiple US states explore Bitcoin reserves
As of February 7, according to bitcoinlaws.io, 17 U.S. states have begun discussing the establishment of a strategic Bitcoin reserve. Utah is the closest to implementing a Bitcoin reserve, with two steps left to pass legislation. Other states considering similar legislation include Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota.


Discussions on the adoption of cryptocurrencies in government finances continue as several states push for their use in state-level investments.